Title
Consideration of and action on an ordinance to amend the Fiscal Year 2024-2025 City of Deer Park Budget, Establishing the Dow Active Complex Fund, and Budgeting Revenues and Expenditures.
Body
Summary:
The Dow Active Complex (DAC) is tentatively scheduled to open on July 1st. With the opening of the DAC, it is necessary to establish a new fund (fund 439) and budget to record transactions for the complex. Attached to this item is a budget amendment ordinance with Exhibit A, establishing estimated revenues, expenditures and a chart of accounts. The DAC is expected to generate $231,000 in revenue from user fees with expenditures totaling $618,171. A transfer of $30,450 from the General Fund is planned to cover the salaries of employees whose duties are split between the DAC and General Fund. An additional transfer of $356,721 from the Deer Park Community Development Corporation (DPCDC) is necessary to cover remaining operational expenditures during the DAC’s initial months of operations.
Fiscal/Budgetary Impact:
The creation of the new DAC fund (fund 439) is estimated to generate $231,000 in revenue from user fees and $618,171 in expenditures. A transfer of $30,450 from the General Fund and $356,721 from the DPCDC will be necessary to balance the budget.
Recommended action
Approve the ordinance to amend the Fiscal Year 2024-2025 City of Deer Park Budget, establish the Dow Active Complex fund, and budget for revenues and expenditures of the new fund.